The fall in profit has been attributed to lower average realized sales prices for all products except gold, higher general and administrative costs, exploration and technical services expenses rising
Saudi Arabian Mining Company, known as Ma’aden, said on Sunday its second-quarter profit tumbled more than 90% on lower sales prices and higher expenses as it flagged a mixed outlook for its products.
That missed analysts’ average estimate of 577.6 million riyals in net profit for the second quarter, according to Refinitiv data.The fall in profit was due to lower average realized sales prices for all products except gold, higher general and administrative costs “including expected credit loss allowance by 40%,” exploration and technical services expenses rising 116%, an 86% increase in finance cost due to higher interest rates and profit from a Ma’aden joint venture dropping 59%.
The fall in profit was despite higher sales volumes for all products except ammonia, primary aluminum and flat rolled products, a 6% fall in cost of sales due to a decrease in raw material costs – partly offset by higher production costs, 17% lower selling, marketing and logistics expenses, higher income from deposits and a 164% rise in other non-operating income.
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